How much is the average AMLI home worth?
There’s no way to know if a home is worth more than its current market value, but experts agree it’s a good place to start looking.
The average AML home is currently worth about $1.3 million, according to data from real estate website Zillow, but there’s a wide range of properties.
There are more than a dozen different types of AML homes, but most have a home price that is more than 10 times the median market price.
In addition to their market value and asking price, some homes come with a down payment and a mortgage that’s a percentage of the property’s assessed value.
Some AML properties are also designed to help ease the stress of a foreclosure process.
An example is the home owned by an investor, who purchased it in 2010 for $2.3M.
“This AML house was designed to take a lot of the stress off of the borrower and help ease them through the process of getting out of debt,” the buyer told Zillows.
Zillow found that in a typical AML property, the buyer paid about $2,000 down payment, with a 10% down payment for the mortgage.
This is the same price the mortgage would have cost the lender if the property had been worth $1 million at the time of purchase.
The AML mortgage is more affordable than many other types of mortgages, but it also has its downsides, including having to pay taxes on the value of the home before it is sold, according the Mortgage Bankers Association.
If you want to buy a home in an AML residential area, you’ll need to have a mortgage from a different lender and a home-value appraisal, according Zillowing.